Residential Property Trends in OMR Road

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Chennai A major road in suburban Chennai, OMR Road has become home to many IT/ITES companies, and is also called the “IT Corridor.” Fuelled by the IT/ITES growth story, quite a few residential real estate projects are coming up in the vicinity. Join us on Twitter |Join us on LinkedIn| Join us on Facebook Competitively priced, these villas, apartments and houses are being designed by some of the leading names in the Indian real estate industry such as Purvankara Group and BSCPL Infrastructure Limited. The Purva Swanlake – a Life Style Home on OMR Road – can be mentioned in this context. Picturesque landscape, world class amenities and proximity to the IT corridor make this a worthwhile investment for many. BSCPL is also developing an integrated township spread across 92 acres – having best in class amenities including gymnasium, sports facilities, jogging tracks, landscaped parks and convenience stores. Despite all the activity in the developmental front, the average values of multi-storey apartments and residential housing projects in the area have remained more or less stable over the last couple of years. As a matter of fact, the average values of multi-storey apartments have decreased between Oct-Dec 2010 and Jan-Mar 2011. According to Magicbricks data, the average value of multi-storey apartments in Jan-Mar 2011 is in the range of Rs 2875 to Rs 3000 per sq ft. In Oct-Dec 2010, the average price of these apartments was in the range of Rs 2750 - Rs 3500. Clearly, there has been a decrease in prices over the mentioned period. As a matter of fact, this particular property segment has been witnessing a decreasing trend in average prices since Jul-Sep 2010. Prior to that - in the period between Apr-Jun 2010 to Jul-Sep 2010 - the prices were rising; in Apr-Jun 2010, one could procure a multi-storey apartment in this part of the city in the price range of Rs 2750 to Rs 4625. In the beginning of 2010, a similar apartment could be purchased for a much lower price - in the range of Rs 3000 - Rs 3250. The average value of residential houses in OMR Road is increasing very marginally. According to Magicbricks data, one can procure a residential house in this part of the city for anything between Rs 4500 to Rs 5250 per sq ft in Jan-Mar 2010. In Oct-Dec 2009, one could procure a comparable residential house in OMR road in the price range of Rs 4125 - Rs 4875 per sq ft.